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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 31300
Experience:  Over 5 years in practice
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I'm looking into releasing equity from my property next year.

Customer Question

I'm looking into releasing equity from my property next year. My house is in my sole name and the mortgage is all paid up. When I received the Deeds from my Building Society on completion I notice there is a "charge" against the property. This may have occurred when my husband and I were joint mortgage purchasers. We parted in 1995 and divorced in 1997, with me buying him out. When I checked into the company who raised this charge I find they are no longer operating and I cannot find any more information about this situation.
I do not know how to proceed as I'm not sure if this "charge" will affect the equity release. I would be most grateful of any advice you may be able to offer me please.
Thank you in advance.
Submitted: 2 years ago.
Category: Law
Expert:  Aston Lawyer replied 2 years ago.
Hello and thanks for using Just Answer.
My name is ***** ***** am happy to assist you with your enquiry.
The Charge will need to be removed, before you can then apply for equity release, as the Equity release Company will require a First Charge over the property.
Did your Building Society send you an up to date copy of your Deeds (called "Official Copies") or was it the old Charge or Land Certificate? (I am just thinking that they may have sent you the "old" Deeds and hence why this other Charge is still showing, and is therefore a historic entry which may have since been removed from the Land Registry title).
Any information you can give me, would assist.
Kind Regards
AL